NORTRAN RESOURCES LTD. ANNOUNCES AGREEMENT WITH RHYTHM SEARCH DEVELOPMENTS LTD.
NORTRAN RESOURCES LTD. ANNOUNCES AGREEMENT WITH RHYTHM SEARCH DEVELOPMENTS LTD. VANCOUVER, British Columbia, March 16 /PRNewswire/ -- The board of directors of Nortran Resources Ltd. (Vancouver: NRT) announced that Rhythm Search Developments Ltd., Nortran's 50 percent owned subsidiary, has acquired a right of first refusal on worldwide manufacturing and marketing rights for a topical treatment modality called aerotherapeutic management (ATM). Under the interim agreement signed today with Dr. Gregory Polyakov, M.D., Ph.D., Nortran has advanced $15,000 to Rhythm Search as funds designated for continued development of the ATM technology under Polyakov's direction. Subject to a due diligence process, Rhythm Search and Nortran may elect to fund the ATM project into full production after clinical trials. The agreement gives Rhythm Search and Nortran four months to negotiate terms of a 100 percent acquisition of all ATM technology currently held and to be developed by Polyakov, including any associated patents which may be filed. The essential idea behind ATM for topical treatment (wounds, etc.) is to achieve all the beneficial functions of conventional bandaging and treatment -- including microbial and physical protection of the wound site, among others -- while avoiding drawbacks -- including the requirement for frequent bandage changes, the risk of infection for the patient and the risk for the health care worker of exposure to potentially deadly bloodborne contagions, such as the viruses which cause AIDS or hepatitis B. This is achieved through the use of impermeable wound dressings under which the local wound healing environment is actively controlled in specific, optimized protocols. Although various devices similar to ATM have been used in England, the United States, parts of Europe and the former Soviet Union, their use has been limited, due to their rather bulky design, the high price of the control units and the lack of control over important variables. These problems have been overcome in the design features of the ATM units and supplies currently under development, some aspects for which the patent applications are in process. Under ATM treatment, there are direct benefits to patients, as well as to physicians, nurses, and other health care workers. These benefits, together with indirect benefits to health care institutions in terms of cost reduction, are expected to result in rapid market acceptance of ATM and substantial breadth and depth of market penetration. At first, ATM devices under development by Rhythm Search will be clinically tested for the treatment of severe burns, but its use for many other conditions will be tested in the future. Based on a 50 percent market share in targeted markets, sales of ATM devices and supplies, averaged over the first five years, are estimated at $15 million annually. The management of Nortran and Rhythm Search are pleased to have the opportunity to work with Polyakov, a surgeon of 16 years experience, 11 years as the head of surgery at two major hospitals in Kharkov, Ukraine. Many of Polyakov's innovations in traumatology and in the treatment of severe surgical complications have been either published or patented. His research toward improving the outcome for patients with a poor surgical prognosis is not only of benefit to those patients, but may also prove to be of considerable commercial value. For Nortran and Rhythm Search, the ATM project fits well into a strategic plan which includes a complement of short to medium term pharmaceutical and pharmaceutically-related projects focusing on the topical administration of drugs for pain and wound management. ATM, a short term project, would progress to full scale production in about one year. The development of potent new antiarrhythmic drugs, of which RSD-921 is the leader compound, continues to be the focus of Rhythm Search's longer term, high potential product development plan. -0- 3/16/92 /CONTACT: David Robinson of Nortran Resources Ltd., 604-685-7933 or 800-665-7037/ (NRT.) CO: Nortran Resources Ltd. ST: British Columbia IN: SU:
DM -- LA021 -- 8358 03/16/92 13:21 EST
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|Date:||Mar 16, 1992|
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